Consolidated Financial Statements
In 1000 CHF (for the years ended December 31) | 2022 | 2021 | ||||
Core results1 | ||||||
Net sales | 1 229 | 518 | 1 102 | 423 | ||
Cost of goods sold | - 910 628 | - 863 138 | ||||
Core gross profit | 318 890 | 239 285 | ||||
Marketing and sales costs | - 18 124 | - 16 288 | ||||
Research and development costs | - 43 175 | - 40 370 | ||||
Core administration and general overhead costs | - 71 063 | - 62 220 | ||||
Other operating income | 4 259 | 4 058 | ||||
Income of associated companies | - | - 35 | ||||
Core EBIT (operating result) | 190 787 | 124 430 |
Financial income
Core financial expenses
Exchange rate differences
Core profit before income taxes
57
- 8 941
- 4 286
177 617
86
- 4 928
- 1 351
118 237
Core income taxes
Core net profit
Depreciation
Core EBITDA
Non-diluted core earnings per share (CHF)
Diluted core earnings per share (CHF)
- 49 810
127 806
- 748
- 535
30.28
29.63
- 22 959
95 277
- 816
- 246
22.66
21.95
1 For more information and reconciliation of Swiss GAAP FER to Core results see Financial Report «Investor Information», pages 61-63.
01 | Siegfried Annual Report 2022 |
Financial Report
2022
Consolidated Financial Statements
Financial Report
03 Consolidated Financial Statements of Siegfried Holding AG
03 Key Figures Overview
- Financial Commentary 2022
- Consolidated Balance Sheet
- Consolidated Income Statement
- Consolidated Statement of Cash Flows
- Consolidated Statement of Changes in Equity
- Notes to the Consolidated Financial Statements
- Report of the Statutory Auditor
47 Financial Statements of Siegfried Holding AG
- Balance Sheet of Siegfried Holding AG
- Income Statement of Siegfried Holding AG
49 Notes to the Financial Statements of Siegfried Holding AG
- Proposal of the Board of Directors regarding Appropriationof the Retained Earnings and the Repayment of Par Value from Share Capital
- Report of the Statutory Auditor
60 Information for Investors
- Key Figures Overview 2018- 2022, Consolidated Figures
- Core Results
64 Stock Market Data
- Share Price Development
- About this Annual Report
This is an excerpt of Siegfried's Annual Report 2022.
All chapters can be found on our Investor Relations portal:
www.ir.siegfried.ch
02 | Siegfried Annual Report 2022 |
Consolidated Financial Statements
Key Figures Overview
Key Figures Overview
2022 | 2021 | Change CHF (LC) | ||||
Net sales (million CHF) | 1 229.5 | 1 102.4 | +11.5% (+15.6%) | |||
Core gross profit (million CHF) | 318.9 | 239.3 | 33.3% | |||
Core gross profit margin (%) | 25.9% | 21.7% | ||||
Core results1 | ||||||
Core EBITDA (million CHF) | 272.5 | 207.2 | 31.5% | |||
Core EBITDA margin (%) | 22.2% | 18.8% | ||||
Core EBIT (operating result) (million CHF) | 190.8 | 124.4 | 53.3% | |||
Core EBIT margin (%) | 15.5% | 11.3% | ||||
Core net profit (million CHF) | 127.8 | 95.3 | 34.1% | |||
Core net profit-margin (%) | 10.4% | 8.6% | ||||
Non-diluted core earnings per share (CHF) | 30.28 | 22.66 | 33.6% | |||
Diluted core earnings per share (CHF) | 29.63 | 21.95 | 35.0% | |||
Cash flow from operating activities (million CHF) | 142.3 | 119.7 | 18.9% | |||
Free cash flow (million CHF) | 27.2 | 6.5 | 320.0% | |||
Investment in property, plant and equipment | ||||||
and intangible assets (million CHF) | 115.2 | 113.4 | 1.6% | |||
December 31, 2022 | December 31, 2021 | Change | ||||
Equity (million CHF) | 790.9 | 688.2 | 14.9% | |||
Total assets (million CHF) | 1 793.2 | 1 669.2 | 7.4% | |||
Equity ratio (%) | 44.1% | 41.2% | ||||
Employees (number of FTEs) | 3 564 | 3 432 | 3.8% |
1 For more information and reconciliation of Swiss GAAP FER to Core results see Financial Report "Investor Information", pages 61- 63.
03 | Siegfried Annual Report 2022 |
Consolidated Financial Statements
Financial Commentary 2022
Financial
Commentary 2022
Profitable growth and increase in margins
Despite continued macro challenges, Siegfried continued to grow profitably in 2022, increasing net sales to 1 229.5 million Swiss francs, an increase of 11.5% in Swiss francs. The euro and the US dollar moved strongly during the year. The euro, which accounts for 55% of net sales depreciated by more than 7% against the Swiss franc, while the US dollar, accounting for 14% of net sales appreciated by more than 4%. The growth at constant currencies was 15.6%. Both the Drug Substances (+14.9%) as well as Drug Products (+6.6%) cluster contributed to the growth. After the acquisition of the two Drug Products plants in Spain, the Drug Products cluster has a significantly higher EUR net sales portion compared to the group as a whole, resulting in a significantly stronger currency headwind in 2022.
Core gross profit increased to 318.9 million Swiss francs, a significant improvement in the core gross profit margin from 21.7% in the previous year to 25.9% in the year under review.
Core EBITDA (272.5 million Swiss francs, +31.5%), Core EBIT (190.8 million Swiss francs, +53.3%) and Core net profit (127.8 million Swiss francs, +34.1%) again developed very positively. This was reflected accordingly in an increase in margins: the core EBITDA margin was 22.2% (previous year: 18.8%). The core EBIT margin (15.5%) also increased compared to the previous year (11.3%).
The core results exclude extraordinary expenses and income in a transparent and easy to understand way enabling the market participants to better understand the company's operational performance and allowing a better comparison across periods. In 2022, Swiss GAAP FER results were significantly affected by a strong increase of interest rates in the euro area, leading to reduction of the pension obligations from foreign pension plans and a technical and non-cash increase of the operating income. The core results have been corrected for that effect (- 47.2 million Swiss francs). In addition, 1.2 million Swiss francs of interest expenses on these foreign pension plans were reclassified to financial expens- es, and 6.0 million Swiss francs of non-recurring restructuring cost enhancing the operational performance on selected sites were adjusted. In 2022, no transaction or integration cost were adjusted.
04 | Siegfried Annual Report 2022 |
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Siegfried Holding AG published this content on 22 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2023 04:06:02 UTC.